What is Important to Boomers when Selling their House?

If you are a “baby boomer” (born between 1946 and 1964), you may be thinking about selling your current home. Your children may have finally moved out. Your large, four-bedroom house with three bathrooms no longer fits the bill. Taxes are too high. Utilities are too expensive. Cleaning and repair are too difficult. You may be ready to move into a home that better fits your current lifestyle. Many fellow boomers have already made the move you may be considering.

The National Association of Realtors recently released their 2019 Home Buyer and Seller Generational Report. The report revealed many interesting tidbits about both categories of baby boomers: younger boomers (ages 54 to 63) and older boomers (64 to72). Here are a few of the more interesting topics.

Percentage of Buyers who Looked Online First

All Buyers: 44%

Younger Boomers: 46%

Older Boomers: 44%

Where Boomers Found the Home They Purchased

The two major ways buyers found the home they purchased:

All buyers: 50% on the internet, 28% through a real estate agent

Younger Boomers: 46% on the internet, 33% through a real estate agent

Older Boomers: 36% on the internet, 35% through a real estate agent

Distance Seller Moved

The distance between the home they purchased and the home they recently sold was much greater for boomers than the average seller.

All sellers: 20 miles

Younger Boomers: 27 miles

Older Boomers: 50 miles

Tenure in Previous Home of Seller

The percentage of older boomers who lived in their previous home for more than 20 years was almost twice the amount of the average seller.

All sellers: 16%

Younger Boomers: 20%

Older Boomers: 31%

Primary Reason to Sell their Previous Home

Want to move closer to friends or family

Home too large

Retirement

View of Homeownership as a Financial Investment

83% of Younger Boomers see homeownership as a good investment

82% of Older Boomers see homeownership as a good investment

Bottom Line

If you are a boomer and thinking about selling, now might be the time to contact an agent to help determine your options.

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Matthew De FedeBroker/OwnerSFR, CNERealty Executives Elite HomesNutley NJ862-228-0554Matthew is an award winning New Jersey Broker/Salesperson, working with first time home buyers, Luxury home buyers and Investors of Real Estate. For more than 10 years now Matthew has been working in the Northern New Jersey & New York City markets he specializes in New York City Commuters, Essex County & Bergen County area homes well versed in home financing, Short Sale Certified and a Certified Negotiations Expert Matthew will make your home buying or selling experience a top notch transactions

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Matthew De Fede and Keeping Current Matters, Inc. do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Matthew De Fede and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.